Yes... but the WSJ report was referring to THIS quarter's supply of parts, not last quarter to be reported soon....While they may be correct, it will not insulate the stock price from downward pressure if everyone is looking to pick it apart for signs of a slowdown in demand.
If Apple is now on a 6-month product refresh cycle which would mean a 5s is coming in March/April, then it stands to reason you would have a build-up (Sept-Dec) then, once you are confident in the new release date, you would pull back components for the old (iphone5) products and have a build up for the new. But - you would at least have a contingency plan in case there was a delay in the new product. I believe that is what the 65M (if that is was it was) order for the first qtr. I think they are interpreting that as weak demand when I think it is an indication that apple is on pace for the 5S.